Truist Provides $152M for Long Beach, Calif., Apartment Development

Carmel Partners has secured a $152 million construction loan from Truist for a 390-unit multifamily development in Long Beach, Calif., the lender announced Tuesday.

The Los Angeles-based development firm is replacing an aging office complex and surface parking lot at 6615 East Pacific Coast Highway with the six-story project. Truist declined to disclose the loan’s interest rate or maturity date.

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The project, called Marina Shores, will also feature approximately 5,400 square feet of ground-floor retail space. Construction started earlier this month, with completion expected around May 2029. 

The mixed-income project is part of a broader wave of residential development along Pacific Coast Highway in Long Beach.

Truist served as administrative agent and sole bookrunner for the financing, with Jason Paxton overseeing the transaction, while Walt Reece led syndication.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.